Migino: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Migino
Largest movements
- Stocks and contracts +€49,101
up €49,101 (+49.6%), from €98,992 to €148,093
- Receivables within one year +€21,564
up €21,564 (+26.4%), from €81,567 to €103,131
of which Other amounts receivable: +€17,556
- Tangible fixed assets +€19,786
up €19,786 (+39.8%), from €49,675 to €69,461
of which Plant, machinery and equipment: +€15,348
- Deferred charges and accrued income +€16,307
up €16,307 (+285%), from €5,727 to €22,034
- Cash -€12,323
down €12,323 (-87.0%), from €14,160 to €1,836
mainly Stocks and contracts (-€49,101) and Investment in fixed assets (net) (-€41,898)
- Debts after one year +€37,774
up €37,774 (+249%), from €15,156 to €52,930
- Other debts +€30,959
new in 2025: €30,959
- Trade debts +€27,433
up €27,433 (+76.4%), from €35,910 to €63,343
- Reserves +€9,033
up €9,033 (+5.5%), from €164,648 to €173,680
- Tax, wage and social debts -€6,769
down €6,769 (-47.1%), from €14,365 to €7,596
- Gross operating margin -€33,060
down €33,060 (-43.1%), from €76,738 to €43,678
- Write-downs +€9,992
new in 2025: €9,992
- Depreciation +€6,255
up €6,255 (+48.2%), from €12,965 to €19,220
- Taxes -€5,267
down €5,267 (-69.3%), from €7,596 to €2,329
- Financial charges +€1,549
up €1,549 (+88.3%), from €1,754 to €3,303
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €254,732 | €352,058 | +€97,326 | +38.2% |
| Fixed assets | 21/28 | €54,286 | €76,964 | +€22,678 | +41.8% |
| Intangible fixed assets | 21 | €4,611 | €7,503 | +€2,892 | +62.7% |
| Tangible fixed assets | 22/27 | €49,675 | €69,461 | +€19,786 | +39.8% |
| Plant, machinery and equipment | 23 | €31,282 | €46,630 | +€15,348 | +49.1% |
| Furniture and vehicles | 24 | €566 | €3,556 | +€2,989 | +528% |
| Other tangible fixed assets | 26 | €17,827 | €19,275 | +€1,448 | +8.1% |
| Current assets | 29/58 | €200,446 | €275,094 | +€74,648 | +37.2% |
| Stocks and contracts in progress | 3 | €98,992 | €148,093 | +€49,101 | +49.6% |
| Stocks | 30/36 | €98,992 | €148,093 | +€49,101 | +49.6% |
| Amounts receivable within one year | 40/41 | €81,567 | €103,131 | +€21,564 | +26.4% |
| Trade receivables | 40 | €55,364 | €59,371 | +€4,008 | +7.2% |
| Other amounts receivable | 41 | €26,204 | €43,759 | +€17,556 | +67.0% |
| Cash at bank and in hand | 54/58 | €14,160 | €1,836 | -€12,323 | -87.0% |
| Deferred charges and accrued income | 490/1 | €5,727 | €22,034 | +€16,307 | +285% |
| Total equity and liabilities | 10/49 | €254,732 | €352,058 | +€97,326 | +38.2% |
| Equity | 10/15 | €183,248 | €192,280 | +€9,033 | +4.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €164,648 | €173,680 | +€9,033 | +5.5% |
| Distributable reserves | 133 | €164,648 | €173,680 | +€9,033 | +5.5% |
| Amounts payable | 17/49 | €71,485 | €159,778 | +€88,293 | +124% |
| Amounts payable after more than one year | 17 | €15,156 | €52,930 | +€37,774 | +249% |
| Financial debts | 170/4 | €15,156 | €52,930 | +€37,774 | +249% |
| Amounts payable within one year | 42/48 | €56,328 | €106,847 | +€50,519 | +89.7% |
| Current portion of amounts payable after more than one year | 42 | €3,053 | €4,545 | +€1,492 | +48.9% |
| Financial debts | 43 | €2,999 | €404 | -€2,595 | -86.5% |
| Credit institutions | 430/8 | €2,999 | €404 | -€2,595 | -86.5% |
| Trade debts | 44 | €35,910 | €63,343 | +€27,433 | +76.4% |
| Suppliers | 440/4 | €35,910 | €63,343 | +€27,433 | +76.4% |
| Taxes, remuneration and social security | 45 | €14,365 | €7,596 | -€6,769 | -47.1% |
| Taxes | 450/3 | €14,365 | €7,596 | -€6,769 | -47.1% |
| Other amounts payable | 47/48 | - | €30,959 | +€30,959 | |
| Non-recurring operating income | 76A | - | €4,216 | +€4,216 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,965 | €19,220 | +€6,255 | +48.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €9,992 | +€9,992 | |
| Other operating charges | 640/8 | €2,445 | €1,253 | -€1,192 | -48.8% |
| Non-recurring operating charges | 66A | €103 | - | -€103 | |
| Gross operating margin | 9900 | €76,738 | €43,678 | -€33,060 | -43.1% |
| Operating profit (loss) | 9901 | €61,225 | €13,214 | -€48,011 | -78.4% |
| Financial income | 75/76B | €741 | €1,451 | +€710 | +95.8% |
| Recurring financial income | 75 | €741 | €1,451 | +€710 | +95.8% |
| Financial charges | 65/66B | €1,754 | €3,303 | +€1,549 | +88.3% |
| Recurring financial charges | 65 | €1,754 | €3,303 | +€1,549 | +88.3% |
| Profit (loss) for the period before taxes | 9903 | €60,212 | €11,362 | -€48,850 | -81.1% |
| Income taxes | 67/77 | €7,596 | €2,329 | -€5,267 | -69.3% |
| Profit (loss) for the period | 9904 | €52,616 | €9,033 | -€43,583 | -82.8% |
| Profit (loss) for the period to be appropriated | 9905 | €52,616 | €9,033 | -€43,583 | -82.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.